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The purchase of a new car or truck without a loan or lease is pretty rare nowadays. If you’ve got brilliant credit, this is a pretty simple process. For those who have unfavorable credit ratings, however, it can be a real hassle. Typically, you’ll want to put together your loan in advance.

A local New Haven finance specialist can help you obtain your auto loan, answering your questions in the process.

Auto Loan Rates in New Haven

Wondering what annual percentage rate you’ll be charged? In reality, your annual percentage rate can vary hugely based on your FICO score, not to mention a number of other variables. The rates displayed below are only for informational purposes. These aren’t advertisements, and your actual rate could be very different.

FICO Rating New Car Pre-owned Car
Excellent 3.0% 3.3%
Good 4.2% 4.4%
Average 6.8% 7.1%
Subprime 9.8% 9.9%
Bad 13.9% 14.2%
Very Bad NA 14.3%

Used Car Financing in New Haven

We’re consistently slammed with advertising for new cars and trucks. Higher rates of interest for used cars, however, are contrasted by smaller down payments, monthly payments, and insurance costs. Check out the table below.

Age Price Rate Months Payment Interest Total Cost
New $27,400 6.00% 60 $529.72 $4,383 $31,783
1 Year $21,920 7.50% 60 $439.23 $4,434 $26,354
2 Years $18,632 7.50% 60 $373.35 $3,769 $22,401
3 Years $15,837 7.50% 60 $317.34 $3,203 $19,041

For many of us, a used vehicle is the ideal solution. More often than not, you can get an auto loan for a vehicle that is up to a decade old. Mileage restrictions often apply.

Poor Credit Car Loans in New Haven

Are you wanting to finance a car from a car dealership in New Haven with a bad credit score? Few things are more humiliating than having your credit turned down at the dealership. Before the web, you had to agree to whatever annual percentage rate and conditions they gave you. Today, there are better strategies to get financed.

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For people who have recent bankruptcy or repossession, a buy here pay here car dealership is sometimes the only alternative. The cons are sizeable, including extortionate annual percentage rates and rigid terms.

It is best to keep clear of these car lots when you can, and secure a car loan via the web. A traditional lender will report to the credit bureaus, which means your credit score will get better as long as you keep making your payments on schedule.

Contact an auto finance professional in your area today.

No Down Payment Car Loans in New Haven

Usually, you still need some substantial cash to get approved, as a down payment of 10-20% is typically a requirement. No money down auto loans, like 0% financing specials, are often offered only to people who’ve got first-class credit. Having no down payment elevates the lender’s risk, which will elevate your interest rate. When you’ve got great credit, this is a less important issue, as you’re starting with such a reasonable rate. If you’ve got less-than-perfect credit, on the other hand, your rate could increase significantly. It’s smarter to save up for a down payment or trade in your existing vehicle for equity.

New Haven Resources

Credit Unions

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